Mk-​Research a brand’s business model

Writing

Marketing

sofia university

Question Description

Research a brand’s business model (you can use the same brand you used in Module 1 and this may be the same brand you are researching for the final project). Use the Business Model Canvas to describe the business. In your accompanying essay, briefly answer the following questions:

How well does the organization’s value proposition actually fit the target customer’s job to be done? How unique is the value proposition compared to competitors and possible substitutes?

Is any competitive advantage present sustainable? Why or why not?

Can the organization actually deliver what is promised given its resources and competencies? Why or why not? Is the business model scalable?

You can download the Business Model Canvas template from https://www.strategyzer.com/canvas/business-model-... (Links to an external site.), use Excel or a Word table, or use an app like Canva or Xtensio to create your canvas. You won’t be graded on how your graphic looks but rather on the content you provide.

Essay Discussion Rubric

Essay Discussion Rubric

CriteriaRatingsPts

This criterion is linked to a Learning OutcomeComprehension30 points

30 to >27.0 pts

Exemplary

Develops an initial post addressing the assignment with an organized, clear point of view or idea using rich and significant detail that expresses understanding and mastery of the module content (100%).

27 to >21.0 pts

Proficient

Develops an initial post that addresses the assigned prompt with a point of view or idea using appropriate detail that suggests module content was comprehended (90%).

21 to >0.0 pts

Needs Improvement

Develops an initial post with a point of view or idea that addresses the assigned prompt but with some gaps in organization and detail that suggest module content was not mastered (70%).

0 pts

Not Evident

Does not develop an initial post relevant to the assigned prompt with an organized point of view or idea; Initial post does not show understanding of module content (0%).

30 pts

This criterion is linked to a Learning OutcomeCritical Thinking20 points

20 to >18.0 pts

Exemplary

Provides logic, reasoning, and references to support opinion; elaborates with details based on personal experience and reading of secondary source material (100%).

18 to >14.0 pts

Proficient

Draws informed conclusions that are justified with evidence from reference material (90%).

14 to >0.0 pts

Needs Improvement

Logical conclusions are stated but lack support in the form of examples and evidence based on reference sources (70%).

0 pts

Not Evident

Does not draw logical conclusions; provides no details or logical support (0%).

20 pts

This criterion is linked to a Learning OutcomeWriting and Mechanics20 points

20 to >18.0 pts

Exemplary

Good grammar; minimal to no spelling errors; generally well written and communicated in a professional manner; APA formatted references provided (100%).

18 to >14.0 pts

Proficient

Generally well-written in a professional manner but with some typographical, spelling, grammatical, and/or referencing errors that do not harm reader’s comprehension (90%).

14 to >0.0 pts

Needs Improvement

May contain grammatical, spelling, typographical, and/or referencing errors, so as to interfere somewhat with the reader’s comprehension (70%).

0 pts

Not Evident

Grammatical, spelling, typographical, and/or referencing errors are significant (0%).

20 pts

This criterion is linked to a Learning OutcomeEngagement20 points

20 to >18.0 pts

Exemplary

Highly engaged with 3 or more threads contributed; a valued member of the discussion; Contributes meaningful and relevant, substantive replies that extend course understanding of concepts (100%).

18 to >14.0 pts

Proficient

Meets minimum requirement plus replies are relevant and meaningful (90%).

14 to >0.0 pts

Needs Improvement

Meets minimum requirement for base participation; Provides responses that are superficial in nature (70%).

0 pts

Not Evident

Does not meet minimum requirement for discussion participation (0%).

20 pts

This criterion is linked to a Learning OutcomeTimeliness10 points

10 to >9.0 pts

Exemplary

Submits on time, prior to deadline (100%).

9 to >7.0 pts

Proficient

Submits on time, prior to deadline (90%).

7 to >0.0 pts

Needs Improvement

Submits initial post one day late (70%).

0 pts

Not Evident

Submits initial post two or more days late (0%).

10 pts

Total Points: 100

Textbook Readings

Tuten, T. (2020). Principles of Marketing for a Digital Age. Sage Publications.

  • Chapter 5: Marketing Strategy

Videos (2)

Chapter 5 Lecture Video

Business Model Canvas Explained


Unformatted Attachment Preview

CHAPTER 5 Marketing Strategy  What is marketing strategy? How do marketing strategies relate to business and corporate strategies?  What are the steps in the strategic planning process?  How do these relate to the elements in a marketing plan? LEARNING OBJECTIVES WHAT IS MARKETING STRATEGY?  Market strategy is defined as an integrated pattern of decisions specifying choices of markets to serve, market segments to target, marketing activities, and the allocation of resources to create, communicate, and deliver a product that offers value to customers in exchanges with the organization, and thereby results in organizational goal achievement.  Corporate strategy is concerned with the organization’s scope and direction, taking a portfolio approach to creating and earning value. MISSION STATEMENTS  Virgin – to embrace the human spirit and let it fly  Soma – to hydrate the world  Casper – great sleep, made simple  Google – to organize the world’s information and make it universally accessible and useful  Headspace – to improve the health and happiness of the world 4 THE RELATIONSHIP BETWEEN PURPOSE, VISION, MISSION AND SUSTAINABILITY EFFORTS 5 BUSINESS MODEL CANVAS TEMPLATE 6 Perspective Plan Strategy Pattern Position  Strategic planning is the process of analyzing the situation, identifying objectives to accomplish, deciding how to accomplish those objectives with specific strategies and tactics, planning for implementation, and defining how effectiveness will be assessed. STRATEGIC PLANNING 10 THE STRATEGIC PLANNING PROCESS Conduct a situation analysis Identify a strategic opportunity Determine marketing objectives Describe the target market Formulate marketing strategy Establish implementation plan Determine evaluation and control parameters  SWOT Analysis  PESTEL Analysis  Porter’s Five Forces Analysis STEP 1: CONDUCT A SITUATION ANALYSIS SWOT ANALYSIS Political Economic Social Technological Macro Environment PESTEL ANALYSIS Ecological Legal 1: SITUATION ANALYSIS – PORTER’S FIVE FORCES MODEL  Ansoff’s  JTBD Market Opportunity Matrix Growth Strategy Matrix STEP 2: IDENTIFY A STRATEGIC OPPORTUNITY ANSOFF’S MARKET OPPORTUNITY MATRIX JTBD GROWTH STRATEGY MATRIX  Increase brand awareness.  Improve brand or product reputation.  Increase website traffic.  Generate sales leads.  Reduce customer acquisition and support relevant costs.  Increase sales/sales revenue. STEP 3: DETERMINE MARKETING OBJECTIVES Specific Measureable Action-oriented Relevant Time-lined SMART OBJECTIVES STEP 4: DESCRIBE THE TARGET MARKET STEP 5: FORMULATE A MARKETING STRATEGY MARKETING PLAN  What is marketing strategic planning?  How does strategic planning vary at each level of an organization?  What is strategic intent? How is it different from a mission statement?  What models are useful for performing a situation analysis?  What are the differences in the scope of opportunities and threats versus strengths and weaknesses?  What models are useful for identifying and analyzing possible strategic marketing opportunities?  What are the Ps in the marketing mix and how to they relate to marketing strategy? REVIEW QUESTIONS 25  How do the PESTLE and Five Forces analysis contribute to the SWOT analysis?  What models are useful for identifying and analyzing possible strategic marketing opportunities?  Why is the evaluation component of the marketing plan necessary? REVIEW QUESTIONS 26 Running head: TESCO’S MARKETING MIX Tesco’s Marketing Mix Name Course Institution Date 1 2 TESCO’S MARKETING MIX Introduction Marketing mix proves to be a vital entity in the business realm as it plays a contributory role in success attainment (Thabit and Raewf, 2018). Businesses hastily adopt the marketing mix as it yields wide-ranging benefits. As the market increasingly becomes competitive, it is crucially vital to employ all the implementable strategies. For the most part, the marketing mix assumes a central role in a business organization. It is safe to say that overstating the criticalness of the marketing mix is an intricate task. Tesco is one of many organizations that integrates marketing mix with its business processes. As it is, the organization has captured a broad marketing segment. The marketing mix allows the organization to meet most of the customers' needs in real-time. It is difficult to deny the vital significance of the marketing mix. In this regard, the marketing mix will be explored concerning Tesco PLC to determine its place in the organization. Tesco and the Marketing Mix Tesco has become a household name based on its excellent marketing strategies. Firmly establishing itself as one of the leading supermarkets, Tesco can avert most of the market intricacies. The organization can keep afloat amidst stiff competition. Tesco's popularity has made the organization the go-to option for consumers in various geographic regions (Kim et al., 2019). The organization aggressively pursues growth and scalability. International outreach and success are attributed to the ultimate need to fulfill customer's needs. The sustenance of a positive brand image makes Tesco the main attraction. Tesco hit new heights due to the components of the marketing mix. The 7ps model proves useful as it is essential for the development of business strategies. The model is utilized on a broad scale as it targets key variables that dictate organizational success. Tesco, in this case, aligns its business objectives with the 7ps. 1. Product Tesco ensures that a variety of products are at their customers’ disposal (Rosnizam et al., 2020). These products range from food to electronics. Additionally, the organization renders topnotch services. An extensive product line guarantees that every potential need in the market is fulfilled. The extension to online marketing allows the company to maximize its reach and tap niches in the market. Delivery services are grandly crucial today more than ever. Consumers hold convenience in high regard. Delivery services enhance customers’ satisfaction and loyalty. The available choices at Tesco are accompanied by further alternatives such as place of origin and type. 2. Price Offering high-quality products at low prices is Tesco’s primary objective (Rosnizam et al., 2020). The chances of incurring a loss soar since the production of high-quality products demand higher financial input. Although the goal may seem ambitious, it is worth pursuing. The application of various metrics, for instance, economies of scale ensures that prices are rightly set since it keeps the customers happy. Pricing strategy recommends organizations to customers as long as the quality is at par. Exceeding expectations gives Tesco an added advantage due to the differentiation effect. Old and existing brands are no match for a prime brand like Tesco. Being a well-established brand, individuals expect high prices. However, Tesco proves this notion is misplaced as it maintains relatively low prices. Products in smaller stores are slightly higher given the difference in overhead costs. In addition to the utilization of economies of scale, Tesco uses price-promotional strategies by implementing a club card. The system allows customers to collect points to cater for future purchases. 3 TESCO’S MARKETING MIX 3. Place Tesco locates its stores in multiple regions around the world. The organization uses both offline and online methods to maximize product distribution. Tesco seeks to understand its consumers and set up the ideal stores. Accessibility is equally beneficial as suitability. The strategic location of stores makes the stores accessible. The organization has an official website. The website is visually appealing and easy to use. The methods of payment have similar statuses in terms of use and appearance. Equipping the stores with reliable payment systems make selfservice a viable option. Offline shopping prompts customers to purchase more products since there are overwhelming options. 4. Promotion Consumers find low prices and discounts highly attractive. Low-prices, top-quality is an idea deeply ingrained in Tesco's brand image (Foabeh and Achaleke, 2020). Tesco uses both modern and traditional means to serve advertisement and promotional purposes. 5. Presence In as much as consumers value the stores' appearance, the quality of products and services bear more weight. Understanding this phenomenon, Tesco does not spend unnecessarily to furbish its stores. That said, Tesco keeps its stores simple and aesthetically pleasing. Product categorization makes it easy to navigate. Tesco also values its online appearance. The website and related interfaces are user-friendly to attract consumers. 6. People Tesco holds its workforce in high regard, and rightly so. The employees have adept skills rendering them highly competent. It implements programs to cater to employee needs like as Save As You Earn. In return, employees offer the best services to consumers. 7. Process Tesco attempts to make the shopping trip short by refining and streamlining processes such as billing services. Product acquirement is fast and easy, regardless of the preferred method. Competent staff plays a contributory role in this desirable outcome. Tesco's marketing mix and its Mission Mihăiloaie, (2013) posits that Tesco's mission asserts, "We make what matters better, together." There is a grand correlation between Tesco's mission, vision, and organizational values. People being one of the components of the 7ps, Tesco organization makes a collective effort to build its identity. Therefore, there is a significant relationship between the marketing mix and the organization's mission. Tesco's Commitment to Sustainability Tesco is wholly committed to promoting initiatives that support sustainability. Global climate change proves to be a formidable opponent. Tesco attempts to combat climate change through environmental conservation. The organization ensures that its practices favor the environment. Corporate Social Responsibility (CSR) is an integral element in Tesco's strategies (Xinyun, 2018). It is difficult to challenge Tesco's commitment to sustainability as the company publishes annual reports regarding its positive impacts on the environment. Conclusion In sum, Tesco has made tremendous strides over the years. Its success attainment stems from the adoption of a fruitful marketing mix. The 7ps model plays a pivotal role in business. Tesco takes sustainability under keen consideration as it does the marketing mix. 4 TESCO’S MARKETING MIX References Foabeh, P. A., & Achaleke, H. F. (2020). ATTITUDES AND PERCEPTIONS OF SHOPPERS’GROCERY SUPERMARKET CHOICES: A COMPARATIVE ANALYSIS BETWEEN BIG C AND TESCO LOTUS. International Journal of Research-GRANTHAALAYAH, 8(7), 67-79. Kim, W., Hallsworth, A., & Kim, H. (2019). On being local and being successful in Korea: Tesco and E‐mart. Area, 51(3), 461-469. Mihăiloaie, C. (2013, October). From vision, mission and values to KPIs at Tesco. Retrieved January 13, 2021, from https://www.performancemagazine.org/from-vision-mission-andvalues-to-kpis-attesco/#:~:text=Tesco's%20core%20purpose%20or%20mission,key%20role%20in%20achi eving%20success. Rosnizam, M. R. A. B., Kee, D. M. H., Akhir, M. E. H. B. M., Shahqira, M., Yusoff, M. A. H. B. M., Budiman, R. S., & Alajmi, A. M. (2020). Market Opportunities and Challenges: A Case Study of Tesco. Journal of the community development in Asia, 3(2), 18-27. Thabit, T., & Raewf, M. (2018). The evaluation of marketing mix elements: A case study. International Journal of Social Sciences & Educational Studies, 4(4). Xinyun, T. (2018, December). A Multimodal Critical Analysis in Business Discourse: the Case of the Corporate Annual Report of Tesco. In 5th International Conference on Education, Language, Art and Inter-cultural Communication (ICELAIC 2018). Atlantis Press. ...
Student has agreed that all tutoring, explanations, and answers provided by the tutor will be used to help in the learning process and in accordance with Studypool's honor code & terms of service.

This question has not been answered.

Create a free account to get help with this and any other question!